30 banks meet CBN recapitalisation rules 19 days to deadline

30 Banks Meet Central Bank of Nigeria Recapitalization Requirements Amid Pending Deadline

By Peter Egwuatu, Assistant Business Editor

March 12, 2026 — As of today, 30 out of 35 banks operating in Nigeria have successfully met the recapitalization requirements set by the Central Bank of Nigeria (CBN), according to a report by Vanguard.

With just 19 days left until the deadline on March 31, five banks are still in the process of meeting the necessary criteria. Two of these banks, Union Bank and Unity Bank, have initiated merger arrangements, allowing them to fulfill the recapitalization requirements.

The CBN announced the recapitalization program in November 2023, formalizing directives on March 28, 2024. This initiative mandates banks to hold capital in relation to their operational scope.

Under the new guidelines, international commercial banks are required to increase their capital from N50 billion to N500 billion. National commercial banks must raise their capital from N25 billion to N200 billion, and regional banks must meet a minimum of N50 billion, an increase from the previous N10 billion.

For non-interest banks, the capital thresholds are set at N20 billion for national licenses and N10 billion for regional licenses.

This recapitalization marks the second major overhaul of Nigeria’s banking sector. The first occurred in 2004, when the CBN raised capital levels from N2 billion for regional banks to N10 billion, from N25 billion to N50 billion for national and international banks, respectively. That reform reduced the bank count from 89 to 25, fostering larger institutions that could better withstand economic turbulence.

The current recapitalization effort aims to achieve similar objectives by strengthening the capital base of banks, enhancing financial stability, supporting international expansion, and contributing to more robust economic growth.

Banks That Have Met Recapitalization Requirements:

Tier-1 Banks (International License – N500 billion minimum)

1. Access Bank
2. Zenith Bank
3. GTBank
4. UBA
5. First Bank

Tier-2 Banks

6. Fidelity Bank
7. FCMB

National License – Tier-2 Banks

8. Ecobank Nigeria
9. Stanbic IBTC
10. Sterling Bank
11. Wema Bank
12. Citibank Nigeria
13. Standard Chartered Nigeria

Tier-3 Banks

14. Globus Bank
15. Premium Trust Bank
16. Providus Bank / Unity Bank
17. Alpha Morgan Bank
18. Titan Trust Bank / Union Bank
19. Optimus Bank

Regional Banks (N50 billion minimum)

20. Signature Bank
21. Parallax Bank
22. SunTrust Bank

Merchant Banks (N50 billion minimum)

23. FSDH Merchant Bank
24. Greenwich Merchant Bank
25. Nova Merchant Bank
26. Rand Merchant Bank
27. Coronation Merchant Bank

Non-Interest Banks (N20 billion minimum)

28. Jaiz Bank
29. Lotus Bank
30. TAJBank
31. AltBank

The 35 banks operating in Nigeria include Access Bank Plc, Citibank Nigeria Limited, Ecobank Nigeria Limited, Fidelity Bank Plc, First Bank of Nigeria Limited, and others.

For more details, visit Vanguard News.

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